Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 13,496,400 shares, a growth of 9.5% from the May 15th total of 12,323,400 shares. Approximately 6.4% of the company’s shares are short sold. Based on an average daily trading volume, of 4,080,000 shares, the days-to-cover ratio is presently 3.3 days.
Several equities analysts have recently issued reports on PTEN shares. Bank of America restated an “underperform” rating and set a $1.25 target price (down from $4.50) on shares of Superior Energy Services in a research report on Tuesday, June 25th. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Morgan Stanley upgraded to an “overweight” rating and set a GBX 400 ($5.23) price objective for the company in a research report on Friday. Raymond James set a $33.00 price objective on LKQ and gave the company a “buy” rating in a research report on Friday, April 26th. Finally, Citigroup decreased their price objective on Western Digital from $63.00 to $59.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $18.31.
Large investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in shares of Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,342 shares during the period. Captrust Financial Advisors bought a new position in Patterson-UTI Energy during the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $120,000. Menta Capital LLC bought a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $152,000. Finally, Meeder Asset Management Inc. raised its position in shares of Patterson-UTI Energy by 68.6% in the 1st quarter. Meeder Asset Management Inc. now owns 11,304 shares of the oil and gas company’s stock worth $158,000 after acquiring an additional 4,598 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The firm had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. During the same period last year, the company earned ($0.16) earnings per share. The business’s quarterly revenue was down 13.0% on a year-over-year basis. As a group, equities analysts expect that Patterson-UTI Energy will post -0.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were paid a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.16 dividend on an annualized basis and a yield of 1.38%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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